Latin American and the Caribbean: Economic growth, FDI and unemployment rate
The UN Economic Commission for Latin America and Caribbean (ECLAC), in its October 4 report stated that the Latin American and Caribbean economies grew by 2.5% in the first half of 2013. The growth was driven chiefly by the construction sector and by the partial recovery in volumes of exports of goods and services in several countries of the region.
According to the ECLAC data collected from the top 13 countries of the region, the Foreign Direct Investment (FDI) in the region increased by 6 % in the first half of 2013 – increasing to $103 billion in comparison to the $97 billion received in the first half of 2012.
According to a joint report published on October 30 by the ECLAC and the International Labour Organization, the average annual urban unemployment rate for Latin America and the Caribbean is expected to decline slightly from 6.4% in 2012 to 6.3% or 6.2% in 2013, despite the slowdown in the growth rate of the region.
Argentine midterm congressional elections
As predicted by the opinion polls, the Front for Victory Coalition led by President Cristina Fernández de Kirchner lost seats in both houses of the congress in the October 27 election, despite the emergence of the coalition as the largest group with a simple majority. The President cannot seek a third term by changing the constitution, for which a two-thirds majority is mandatory.
The results of the mid-term congressional elections have come as a lesson to the administration of President de Kirchner, who is expected to tone down her radical policies and excessive controls on foreign exchange and tourism expenditure by Argentines going abroad.
Ambassador Viswanathan is Distinguished Fellow, Latin America Studies, Gateway House. He is the former Indian Ambassador to Argentina, Uruguay, Paraguay and Venezuela, and Consul General in Sao Paulo.
This blog was exclusively written for Gateway House: Indian Council on Global Relations. You can read more exclusive content here.
For interview requests with the author, or for permission to republish, please contact outreach@gatewayhouse.in.
© Copyright 2013 Gateway House: Indian Council on Global Relations. All rights reserved. Any unauthorized copying or reproduction is strictly prohibited.